TrendForce集邦咨询：4Q25 DRAM价格延续涨势 服务器需求提前发酵、旧制程产品涨幅仍较大

Core Viewpoint - The DRAM market is experiencing price increases due to supply constraints and shifting demand towards high-end applications, particularly Server DRAM and HBM, while traditional PC and mobile applications face reduced capacity allocation [1][3]. DRAM Price Trends - Overall Conventional DRAM prices are expected to increase by 8-13% in Q4, with HBM blended prices rising by 13-18% [1][2]. - PC DRAM prices are anticipated to rise slightly due to limited supply as major OEMs reduce procurement volumes [3]. - Server DRAM demand is expected to grow significantly, with U.S. CSPs planning to start procurement earlier to secure supply, leading to price increases [3]. Mobile and Graphics DRAM - Mobile DRAM prices, particularly LPDDR4X, are projected to increase by over 10% in Q4 due to supply constraints and inventory buildup by manufacturers [4]. - Graphics DRAM demand remains strong, with GDDR7 prices expected to rise more than in the previous quarter due to anticipated supply shortages [4]. Consumer DRAM - Consumer DDR4 supply is limited, and despite previous price increases, demand has softened, leading to a forecasted moderation in price growth for Q4 [5]. - DDR3 prices are expected to continue rising due to preemptive stocking and supply constraints [5].